Centennial Bank Files $1.6 Million Foreclosure Against Steve Clary

by Arkansas Business Staff  on Monday, Apr. 5, 2010 12:00 am  

Clary Foreclosure

A $1.6 million foreclosure suit is attempting to tap a string of assets owned by Little Rock developer Steve Clary.

Centennial Bank of Conway is seeking a joint-and-several judgment against Clary and his wife, Cynthia, in connection with a line of credit allegedly in default.

The bank is trying to take possession of Clary's 79 percent stake in Shackleford Holdings LLC. The limited liability company is the parent company of Shackleford Crossings LLC, which owns the Shackleford Crossings commercial development in west Little Rock.

Other assets sought by Centennial include 14,081 shares in SkyComm Technologies Corp. of India and 450 shares of a venture called Spinner Acquisition Co. LLC.

Of the bank's $1.6 million claim, $350,000 is secured by a third-mortgage position on the Clary home in west Little Rock's gated Hickory Hills neighborhood.

You might recall the residence was scheduled to be sold at foreclosure a couple of weeks ago.

That action by U.S. Bank of Minneapolis was called off a week before the March 15 sale. The bank holds a first mortgage claim that originally totaled $750,000 back in July 2001.

The property also helps secure an open-ended second mortgage of $583,700 dating back to September 2006 held by Bank of America in Charlotte, N.C.




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